Investment is very important but a lot of people get confused on looking at diverse investment options. Several schemes promise great returns but it also involves a certain amount of risk. That eventually forces people to select government-backed schemes even at the cost of lesser returns. One such scheme is Gram Suraksha scheme which is offered by India Post. It can be a good insurance scheme for those who are planning to save up for retirement years.
The Gram Suraksha scheme assures an amount with bonus that is either payable after reaching the age of 80 or to their legal heir/ nominee in the event of death, whichever occurs earlier.
To get the insurance scheme, an Indian citizen will be between the age of 19 and 55 years. The minimum sum assured under this plan is Rs 10,000 and it can go up to Rs 10 lakh. The premium payment can be done monthly, quarterly, half-yearly or annually. A grace period of 30 days is there for the customers to pay the premiums. If a lapse during the policy tenure happens, then the customer will pay the pending premiums to restart the policy.
The insurance scheme also has a loan facility that can be availed after four years of the policy purchase.
Customers can also decide to stop the policy after 3 years but that won’t fetch them any benefits. The most important highlight of the policy is the bonus given by India Post and the last declared bonus was Rs 65 per Rs 1,000 assured per year.
Let’s break the scheme so that one can easily understand how much they will get in return. If a customer buys the Gram Suraksha policy of Rs 10 lakh sum at the age of 19, then the monthly premium for 55 years will be Rs 1,515, for 58 years Rs 1,463 and for 60 years Rs 1,411. The policy buyer will then get a maturity benefit Rs 31.60 lakhs for 55 years, 33.40 lakhs for 58 years. The maturity benefit will be Rs 34.60 lakhs for 60 years.
If you want to update the nominee’s names or other details such as the email id and mobile number, the customer can visit the nearest post office for the same. If you want to know other queries, customers can reach out for a solution on the given toll-free helpline 1800 180 5232/155232 or the official website i.e. www.postallifeinsurance.gov.in.
